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 Lot (12) 1 Troy OZ - 10g & 5g Bullion / Maple Leaf 24KT .999 Pure Gold Clad Bars US $49.95 
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 ★★ 1 TROY OZ CANADA MAPLE LEAF GOLD CLAD 24k ART BAR ★ WIN NOW ★ COLLECT ★★ US $7.95
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 1 TROY OZ FINE GOLD CLAD .999 MAPLE COIN GEM ART BAR~ US $1.00
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 1 TROY OZ GOLD CLAD .999 USA $1 BILL BULLION GEM ART BAR •• PRESIDENT WASHINGTON US $6.50
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 BALD EAGLE .999 24k FINE GOLD AU CLAD TROY OZ MENT GEM PROOF ART BAR US $12.95
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 1 TROY Oz 24k .999 FINE GOLD CLAD ★ STATUE OF LIBERTY ★ AMERICAN INDIAN ART BAR US $9.95
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 10 1 TROY OZ .999 FINE GOLD CLAD KRUGERRAND ART BARS US $89.95
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 ★★ 1 TROY OZ AUSTRALIA DOLPHIN GOLD CLAD 24k ART BAR ★ WIN NOW ★ COLLECT ★★ US $7.95
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 10x ★ STATUE OF LIBERTY ★ INDIAN ★ 24k .999 FINE GOLD CLAD ★ ART BAR1 TROY Oz US $24.95
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 ★★ 1 TROY OZ HAWAII ISLANDS WHALE GOLD CLAD 24k ART BAR ★ WIN NOW ★ COLLECT ★★ US $7.95
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 ★★ 1 TROY OZ TIMBERWOLF YOSEMITE GOLD CLAD 24k ART BAR ★ WIN NOW ★ COLLECT ★★ US $7.95
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 NEW GOLD CLAD BUFFALO .999 1 TROY OUNCE OZ ART BAR US $43.95
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 1 TROY Oz .999 24k FINE GOLD CLAD FRENCH ANGEL GEM COIN BAR EIFFEL TOWER REVERSE US $5.95
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 ★★ 1 TROY OZ YELLOWSTONE PARK BISON GOLD CLAD 24k ART BAR ★ WIN NOW ★ COLLECT ★★ US $7.95
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 TROY OZ MAPLE LEAF .999 FINE GOLD CLAD BAR + BONUS 24K $ US $19.95
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 YELLOWSTONE OLD FAITHFUL BUFFALO ART BAR .999 24k FINE GOLD CLAD ONE TROY OZ US $9.95
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 50 - 1 Troy Oz 100 Mils .999 Fine 24k Gold Buffalo Bison Collection Art Bar US $199.99
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 TEN 1 TROY OZ .999 FINE GOLD CLAD BUFFALO GEM ART BARS US $79.99
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 ★★ 1 TROY OZ DOUBLE BUFFALO BISON GOLD CLAD 24k ART BAR ★ WIN NOW ★ COLLECT ★★ US $7.95
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 ★★ 1 TROY OZ LION KING KRUGERRAND GOLD CLAD 24k ART BAR ★ WIN NOW ★ COLLECT ★★ US $7.95
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 10-1 Troy Oz 500 Mills .999 24k Gold Clad Buffalo Fine Art Collection Bar *3011 US $79.99
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 10-1 Troy Oz 5 Microns .999 24k Clad Gold Maple Leaf Art Bar 100 Mills *3014 US $69.99
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 10-1 Troy Oz 5 Microns .999 24k Clad Gold Buffalo Art Bars 100 Mills ETM *3013 US $69.99
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 10-1 Troy Oz 100 Mills .999 24k Clad Gold Buffalo Art Bars ETM *3005 US $69.99
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 ★ AMERICAN INDIAN ★ STATUE OF LIBERTY 1 TROY Oz 24k .999 FINE GOLD CLAD ART BAR US $24.95
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 10-1 Troy Oz 100 Mill .999 24k Clad Gold Maple leaf Art Collection Bar ETM *3009 US $69.99
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 1 TROY OZ GOLD CLAD .99 24k MAPLE COIN BULLION ART BAR~ US $9.95
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 1 Troy Oz 500 Mills .999 24k Gold Clad Buffalo Fine Art Collection Bar *3011 US $12.99
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 TROY OZ EIFFEL TOWER .999 GOLD CLAD ART BAR + 24K $$ US $19.95
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 TROY OZ FRENCH ANGEL .999 24K GOLD CLAD BAR + 24K $$ US $19.95
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 10 - 1 Troy Oz 100 Mils .999 Fine 24k Gold Maple leaf Collection Art Bar US $64.99
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 1 Troy Oz 100 Mills .999 24k Clad Gold Buffalo Art Bars ETM *3005 US $9.99
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 1 Troy Oz 100 Mills .999 24k Clad Gold Maple leaf Art Collection Bar ETM *3009 US $9.99
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 1 Troy Oz 5 Microns .999 24k Clad Gold Buffalo Art Bars 100 Mills ETM *3013 US $9.99
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 1 Troy Oz 5 Microns .999 24k Clad Gold Maple Leaf Art Bar 100 Mills *3014 US $9.99
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 ★ STATUE OF LIBERTY ★ 1 TROY Oz 24k .999 FINE GOLD CLAD AMERICAN INDIAN ART BAR US $9.95
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 50-1 Troy Oz 100 Mills .999 24k Clad Gold Buffalo Art Bars ETM *3005 US $299.99
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 50-1 Troy Oz 100 Mills .999 24k Clad Gold Maple leaf Art Bar ETM *3009 US $299.99
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 50-1 Troy Oz 5 Microns .999 24k Clad Gold Buffalo Art Bars 100 Mills ETM *3013 US $299.99
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 50-1 Troy Oz 5 Microns .999 24k Clad Gold Maple Leaf Art Bar 100 Mills *3014 US $299.99
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 TEN ★ 1 TROY OUNCE Oz .999 GOLD CLAD ★ AMERICAN INDIAN STATUE OF LIBERTY ART BAR US $29.95
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 NEW! GOLD ART BAR CLAD BUFFALO HEAD 1 OZ TROY OUNCE US $3.95
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 TROY OZ OUNCE .999 FINE AU GOLD CLAD MAPLE LEAF ART BAR US $7.95
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 GOLD BAR BUFFALO HEAD 1 TROY OZ OUNCE CLAD 24K MINT US $43.95
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 NEW! GOLD CLAD ART BAR BUFFALO HEAD 1 OZ TROY OUNCE US $43.95
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 1 TROY OZ .999 FIINE GOLD CLAD 24k MAPLE COIN ART BAR US $14.95
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Gold Troy Oz Bar
Variety of Silver Bars
Rising Gold Premiums... Falling Prices
If you are buying, like it or not. Gold bullion coins trade at a premium over the exchange quoted Gold price. Nominally, the reasons for this are costs associated with minting, packaging, handling and shipping what are essentially individual small circular bars of Gold Bullion. Gold bars themselves carry a similar premium. For this reason, the greater the quantity of physical coins and bars being bought, the lower the premium over the market value of gold the buyer will usually pay. Fractional bullion coins will command higher premium than say a kilogram bar of gold bullion.
However, the factors contributing to Gold premiums, as well as other precious metal coin and bar premiums are in reality much more complex than manufacture and handling charges. Premiums on coins and bars are strongly influenced by Supply, Demand and Sentiment.
At the height of the financial crisis of 2008, with banks just days from possible collapse, gold bullion coins of any type were virtually impossible to obtain through bullion dealers. To give a sense of the strength of demand and tightness of supply at the time, one of London's largest bullion coin dealers, when asked for a price on 20 x 1 ounce Krugerrands, a coin usually in plentiful supply, reported in a embarrassed tone, they had just one in stock. With these market conditions, premiums at the time in online auctions were as high as 70% on 1 troy ounce coins.
Buying gold bullion Krugerrands at 70% premium over the gold price, on the face of it seems like buyer madness, but the market supply was so tight, and the demand so great that prices were driven up so high. While you could have purchased gold at the time for around $800 per ounce on a metals exchange, or through an allocated gold account at much lower premiums, trust in the financial system was so low, the premium of delivery of physical gold was paramount. Of course anyone who purchased gold coins at such a large premium over the gold market price in 2008, would not have broken even until gold prices reached just under $1400 troy ounce in 2010.
The rise in popularity of online auctions for the trading of gold and silver bullion coins and bars, (reportedly over half a billion dollars a year) has meant that the supply and demand factors in the gold premium equation have become magnified, with premiums seemingly more sensitive to short term supply and demand factors.
As this is written, in January 2011, the blogosphere and some financial media are covering rumours of a Silver shortage. This perceived tightness in the silver bullion markets has led to a significant rise in Silver premiums. Whether this is an actual Silver shortage or just a perceived Silver shortage, the net effect is that Silver premiums have become elevated. For example, a 100 troy ounce silver bar was trading at around 1.51% in an online auction site in March 2010. The same 100 oz Silver bar today is trading at some 24.5%. Quite a hike. Especially as in that time, the price of silver has risen in any case. Purchase premiums on 1 troy oz gold ingots are, at the time of writing, significantly elevated at around 19%.
So as we see premiums on Gold or Silver can vary a great deal, it can be thought of as a measure of the disconnect between global metal markets and investor - those investors who want to hold physical precious metal - sentiment.
So how does this fit into the big picture? At the end of 2010 the total amount of gold ever mined was estimated at 168,000 tonnes (about 5.4 billion ounces). The total value of the worlds gold, if you could gather it all up, is around 7.2 trillion US dollars (at $1330 per troy ounce). The value of just the New York Stock Exchange in isolation is some 13 trillion US dollars, almost twice the size. Add in all the other stock markets and you get a figure around 58 trillion US Dollars. Take into account Bonds, Currency and the big one, Real Estate and Gold is small beer. Gold is even smaller when you consider one fifth of the above ground reserves are locked away in central bank vaults, and an even greater proportion is locked up in use as jewellery or in electronics and other industrial uses.
So if globally the precious metals markets are so small in comparison to currency, stock, bond and real estate markets, and have historically have proportionaly less investors invested in them, it only takes a small change in investor portfolio allocations to really move the market.
A view that is starting to be more widely held, is that now the typically low number of investors participating in the gold and silver market is starting to change. Additionally, the desire to participate in such a way as to hold the physical metal, is increasing because of distrust of paper instruments and a desire to hold at least some ultimate insurance against future financial shocks.
This small change in investor behaviour is creating a shortage in minted bars and coins, and hence a rise, although a volatile rise, in premiums. This is increasingly likely to curtail small investors options until new supplies of minted coins and bars come to market. But with physical gold premiums remaining at such a high level, this will encourage some of the vault held gold, usually traded about electronically, to find its way into the manufacture of small bullion bars which will eventually lead to easing premiums again. Especially as minting costs compared to the overall value of the metal is so cheap and the low cost at which the liability of holding the metal can be hedged. But until such a time, the disconnect between availability of "investment gold" and gold physically available to the small investor is likely to remain.
About the Author
Jon Hunt is the founder of
http://BullionSupermarket.com
- The webs premier price comparison site for Gold, Silver and Platinum Bullion coinage and bars. Comparing
Gold and Silver prices
and premiums on thousands of bullion items and physical precious metals market intelligence.
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